REG - Cablevision Holding - First Half and Second Quarter 2023 Results
11/08/2023 08:30
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RNS Number : 0642J Cablevision Holding S.A. 11 August 2023
Cablevisión Holding announces its First Half and Second Quarter 2023 Results
Buenos Aires, Argentina, August 10(th), 2023 - Cablevisión Holding S.A.,
("Cablevision Holding", "CVH" or "the Company" - BCBA: CVH; LSE: CVH; Level 1:
CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA:
TECO2), announced today its First Half and Second Quarter 2023 Results.
Figures have been prepared in accordance with International Financial
Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps."
or "P$") as of June 30, 2023, unless otherwise indicated.
The Company's Management has applied IAS 29 (inflation adjustment) in the
preparation of these financial statements, following the provisions of
Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").
CVH Highlights (1H23 vs. 1H22):
§ Total Revenues reached Ps. 517,253 million, a decrease of 9.3% in real
terms as of 1H23, compared to the same period of 2022, in a context in which
price increases for our services in 2022 and the first semester of 2023
weren´t sufficient to compensate for the increasing inflation (115.6%
interannually as of June 2022).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 370,965
million, a decrease of 6.5% in constant currency, driven by lower costs on all
items.
§ EBITDA reached Ps. 146,288 million as of 1H23, a decrease of 15.8% in
real terms compared to 1H22, mainly driven by lower revenues, partially offset
by lower operating costs, which resulted in a lower EBITDA Margin of 28.3% in
1H23, compared to 30.5% in 1H22.
§ Consolidated Net Income amounted to Ps. 40,504 million. Consolidated net
income attributable to the Controlling Company amounted to Ps. 15,079 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of June 30, 2023) 1H23 1H22 % Ch. 2Q23 1Q23 2Q22 QoQ YoY
Total Revenues 517,253 570,376 (9.3%) 251,349 265,904 273,565 (5.5%) (8.1%)
EBITDA ((1)) 146,288 173,830 (15.8%) 65,999 80,289 71,140 (17.8%) (7.2%)
EBITDA Margin ((2)) 28.3% 30.5% (7.2%) 26.3% 30.2% 26.0% (13.0%) 1.0%
Net income 40,504 67,608 (40.1%) 5,623 34,881 7,558 (83.9%) (25.6%)
Attributable to:
Equity Shareholders 15,079 25,219 (40.2%) 2,026 13,053 1,975 (84.5%) 2.6%
Non-Controlling Interests 25,425 42,389 (40.0%) 3,597 21,829 5,583 (83.5%) (35.6%)
((1)) EBITDA is defined as Total Revenues minus operating cost and expenses
(excluding depreciation and amortization). We believe that EBITDA is a
meaningful measure of our performance. It is commonly used to analyze and
compare media companies based on operating performance, leverage and
liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow
from operations and should not be considered as an alternative to net income,
an indication of our financial performance, an alternative to cash flow from
operating activities or a measure of liquidity. Other companies may compute
EBITDA in a different manner; therefore, EBITDA as reported by other companies
may not be comparable to EBITDA as we report it.
((2 )) EBITDA Margin is defined as EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 517,253 million in 1H23, a decrease of 9.3% in real
terms compared to Ps. 570,376 million in 1H22, mainly driven by the difficulty
of increasing prices for services along with an increasingly higher inflation
rate.
Following is a breakdown of Total Revenues:
(millions of Ps. in constant Currency as of June 30, 2023) 1H23 1H22 YoY 1H23 1H22 % of Total
% of Total
Mobile Services 209,633 223,596 (6.2%) 40.5% 39.2%
Internet Services 110,455 122,018 (9.5%) 21.4% 21.4%
Cable TV Services 94,673 111,147 (14.8%) 18.3% 19.5%
Fixed Telephony and Data Services 60,215 72,012 (16.4%) 11.6% 12.6%
Other revenues from services 4,172 4,846 (13.9%) 0.8% 0.8%
Revenues from Services 479,148 533,619 (10.2%) 92.6% 93.6%
Revenues from Equipment Sales 38,105 36,756 3.7% 7.4% 6.4%
Total Revenues 517,253 570,376 (9.3%) 100.0% 100.0%
Mobile Services Revenues decreased by 6.2% in real terms to Ps. 209,633 as of
1H23, mainly due to the restatement effect as of June 30, 2023.
In Argentina, Personal mobile subscribers reached approximately 20.6 million
(+573 thousand compared to 1H22) and around 40% of them are postpaid. Mobile
internet revenues reached 86% of Personal Argentina service revenues. Mobile
ARPU decreased 7.1% in real terms during the 1H23 compared to 1H22 (Ps.
1,561.1 in 1H23 vs Ps. 1,679.8 in 1H22). Mobile churn was 1.8% as of 1H23,
compared to 2.4% in 1H22.
On the infrastructure side, our subsidiary Telecom continued to enhance the
mobile internet experience of its clients through the deployment of the 4G and
4G+ networks throughout the country, reaching more than 14.9 million clients
with 4G devices. During 1H23, the 4G technology traffic represented 96.6% of
the total traffic.
In addition, it has been preparing its network for the arrival of 5G
technology by expanding coverage, availability, and capacity of the network
through technologic reconversion and continuing the deployment of 4G. During
1H23, 77 sites with mobile DSS 5G antennas were enabled in some of the
country's main cities (totaling 220 sites with this technology), with the goal
of preparing the technical and regulatory conditions that allow the full
development of the 5G network.
As of June 30, 2023, Núcleo customer base increased 1.0% to 2.3 million
subscribers, of which 22% are postpaid. Revenues from Núcleo services were Ps
16,367 million in 1H23, a decrease of 6.3% compared to 1H22, mainly due to a
decrease in ARPU measured in constant pesos, partially offset by the
appreciation of the Guaraní vis a vis the Argentine Peso.
Internet Services Revenues dropped 9.5% in real terms to Ps. 110,455 in 1H23
mainly due to a 7.7% lower Broadband ARPU. Of the 4.1 million broadband
customers reached in 1H23, around 83% subscribed to services with speeds of
100Mb or higher. Monthly churn increased to 1.7% in 1H23, from 1.5% in 1H22.
Telecom Argentina continues deploying FTTH technology (Fiber To The Home),
improving clients' connectivity experience with symmetric speeds of up to 500
Mb, with low latency and multiple devices connected, among other advantages.
As part of the initiatives to continue evolving the customer experience of
fixed internet services, during the end of this year, Telecom doubled the
internet speed to all its home customers (with HFC, FTTH technology).
Cable TV Services Revenues amounted to Ps. 94,673 million in 1H23, a decrease
of 14.8% compared to 1H22, mainly due to the restatement effect as of June 30,
2023. Cable TV ARPU reached Ps. 4,470.0 in 1H23, a decrease of 12.7%
compared to 1H22. Additionally, Cable TV churn increased to 1.9% in 1H23 from
1.3% in 1H22.
During the first half of 2023 our subsidiary Telecom continued boosting its
entertainment proposal with innovative content and new national and
international productions, positioning itself as the most important integral
platform in Argentina. Among them, Flow broadcasted live and nationwide the
Cosquín Rock festival in February and Lollapalooza in March.
Moreover, our subsidiary Telecom continued to focus on innovation, through
partnerships with renown national and international content producers such as
Disney+, Paramount+, Star+, Netflix and Amazon Prime Video, in line with its
strategy of transforming it in a comprehensive platform its clients value and
continue to choose for its wide variety of content and differential
functionalities. Currently, Flow includes not only lineal TV, series, on
demand movies, documentaries, and co-productions, but also music and gaming
and it will continue to grow as the clients' needs evolve.
In addition, it continued activating the ISDBT digitalization service solution
to its analogical customers, which allows clients to connect to a digital
service from the traditional cable connection without needing a decoder.
Fixed Telephony and Data Services Revenues reached Ps. 60,215 million in 1H23,
a decrease of 16.4% compared to 1H22, mainly due the restatement effect as
of June 30, 2023 and a decrease in the fixed telephony customer base.
Additionally, ARPU in fixed telephony reached Ps. 1,983.6 in 1H23, decreasing
9.4% when compared to 1H22.
On the corporate segment side, our subsidiary Telecom continued to develop a
series of initiatives aimed at businesses, accompanying them in their digital
transformation process, helping them evolve and grow their e-commerce
platforms, logistics and inventory, among others.
In addition, it continues adding proposals to its cybersecurity services
portfolio.
Revenues from equipment sales totaled Ps. 38,105 million in 1H23, a rise of
3.7% in real terms compared to 1H22, mainly due to an increase in the
quantities sold.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of
PP&E and intangible assets) totaled Ps. 370,965 million in 1H23, a
decrease of Ps. 25,580 million in real terms, or 6.5% compared to 1H22.
This reduction in costs and expenses was mainly the result of lower costs
related to service revenues: programming and content costs and taxes and fees
with the regulatory authority; lower salaries and severance payments; as well
as savings in other costs: other operating income and expense, interconnection
and transmission costs, fees for services, maintenance, materials and
supplies, bad debt, and commissions and advertising costs; partially offset by
higher cost of equipment and handsets. More than 99.8% of the costs and
expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 146,288 million in 1H23, a decrease of 15.8% in real terms
from Ps. 173,830 million reported for 1H22, mainly driven by lower revenues,
partially offset by lower operating costs.
Depreciation, amortization and impairment of PP&E, intangible assets and
rights-of-use amounted to Ps. 169,565 million in 1H23, an increase of 12.0% in
real terms compared to 1H22.
Equity in earnings from unconsolidated affiliates totaled Ps. 811 million in
1H23, compared to Ps. 310 million in 1H22.
Financial Results net totaled Ps. 27,003 million as of 1H23, compared to Ps.
82,739 million in 1H22, mainly as a result of lower positive FX differences,
given the smaller gap between FX variation and inflation rate; lower positive
inflation adjustments results and higher debt interest costs; partially offset
by lower negative results of operations with securities and bonds.
Income tax as of June 30, 2023 reached Ps. 37,589 million, from Ps. 3,400
million in June 2022.
Net Income for the period totaled Ps. 40,504 million in 1H23, compared to a
net income of Ps. 67,608 million reported for the same period of 2022. The
Equity Shareholders net income for the period amounted to Ps. 15,079 million.
(millions of Ps. in constant Currency as of June 30, 2023) 1H23 1H22 % Ch. 2Q23 1Q23 2Q22 QoQ YoY
Consolidated Revenues 517,253 570,376 (9.3%) 251,349 265,904 273,565 (5.5%) (8.1%)
Employee benefit expenses and severance payments (124,395) (130,523) (4.7%) (60,381) (64,014) (69,270) (5.7%) (12.8%)
Interconnection and Transmission Costs (15,185) (17,501) (13.2%) (7,253) (7,932) (8,429) (8.6%) (14.0%)
Fees for Services, Maintenance, Materials and Supplies (64,659) (66,591) (2.9%) (33,325) (31,334) (34,713) 6.4% (4.0%)
Taxes and Fees with the Regulatory Authority (39,934) (43,914) (9.1%) (19,453) (20,481) (21,217) (5.0%) (8.3%)
Commissions and Advertising (31,500) (31,830) (1.0%) (16,006) (15,494) (15,582) 3.3% 2.7%
Cost of Equipment and Handsets (28,061) (26,853) 4.5% (15,723) (12,338) (11,652) 27.4% 34.9%
Programming and Content Costs (29,349) (36,043) (18.6%) (14,104) (15,245) (17,085) (7.5%) (17.4%)
Bad Debt Expenses (12,895) (13,914) (7.3%) (4,850) (8,045) (5,825) (39.7%) (16.7%)
Other Operating Income and Expense (24,987) (29,377) (14.9%) (14,255) (10,732) (18,652) 32.8% (23.6%)
EBITDA(1) 146,288 173,830 (15.8%) 65,999 80,289 71,140 (17.8%) (7.2%)
EBITDA Margin(2) 28.3% 30.5% (7.2%) 26.3% 30.2% 26.0% (13.0%) 1.0%
Net Income 40,504 67,608 (40.1%) 5,623 34,881 7,558 (83.9%) (25.6%)
Attributable to:
Controlling Company 15,079 25,219 (40.2%) 2,026 13,053 1,975 (84.5%) 2.6%
Non-controlling interest 25,425 42,389 (40.0%) 3,597 21,829 5,583 (83.5%) (35.6%)
KEY OPERATING INDICATORS
1H23 1H22 YoY
Mobile services
Subs((1)) 22,944.8 22,349.1 2.7%
Personal (Argentina) ((1)) 20,634.7 20,062.0 2.9%
Núcleo (Paraguay) ((1)) 2,310.1 2,287.1 1.0%
Postpaid
Personal (Argentina) 40% 42% -4.1%
Núcleo (Paraguay) 22% 19% 15.1%
ARPU Personal((2)) 1,561.1 1,679.8 -7.1%
Churn((3)) 1.8% 2.4% -26.5%
Internet services
Subs((1)) 4,084.4 4,228.3 -3.4%
Speed >100Mb (% Total Subs) 83% 40% 103.8%
ARPU((2)) 4,270.5 4,629 -7.7%
Churn((3)) 1.7% 1.5% 13.3%
Pay TV services
Subs((1)) 3,357.3 3,517.3 -4.6%
ARPU((2)) 4,470.0 5,121.3 -12.7%
Churn((3)) 1.9% 1.3% 46.2%
Fixed Telephony
Subs (including IP 2,935.9 3,085.1 -4.8%
lines)((1))
ARPU((2)) 1,983.6 2,188.4 -9.4%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of June 30,
2023)
(3) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 1H23, our subsidiary, Telecom Argentina, invested Ps. 82,044
million, a decrease of 15.8% compared to 1H22. The investments were focused on
projects related to:
· Deployment and modernization of 4G/LTE network to support growth and
a higher quality of the Mobile Internet service,
· Extension of our transmission and transport networks to unify the
different access technologies and deployment of networks with FTTH (Fiber to
the home) technologies, substantially improving the possibility to offer high
speed services,
· The expansion of the 5G network in some of the country's main cities.
In relative terms, investments reached 15.9% of consolidated revenues in 1H23.
DEBT AND LIQUIDITY
(In millions of Ps.) June 2023 June 2022 % Change
Short Term and Long-Term Debt
Current Financial Debt 233,950 199,953 17.0%
Bank overdraft 30,357 33,853 (10.3%)
Financial loans 60,519 102,840 (41.2%)
Negotiable obligations 93,311 5,734 1527.2%
NDF 341 82 316.3%
Acquisition of equipment 5,947 9,425 (36.9%)
Accrued interest 43,475 48,018 (9.5%)
Non-Current Financial Debt 468,164 529,676 (11.6%)
Negotiable obligations 283,832 311,886 (9.0%)
Financial loans 123,916 140,694 (11.9%)
Acquisition of equipment 4,611 9,442 (51.2%)
Accrued interest 55,805 67,653 (17.5%)
Total Financial Debt (A) 702,114 729,629 (3.8%)
Cash and Cash Equivalents and Short-Term Investments (B) 82,370 85,307 (3.4%)
Net Debt (A) - (B) 619,744 644,322 (3.8%)
Net Debt/Adjusted Ebitda ((1)) 2.3x 1.9x 21.9%
% USD Debt 58.3% 63.6% (8.4%)
% PYG Debt 5.0% 2.7% 82.1%
% ARS Debt 34.1% 29.6% 15.2%
% CNY Debt 2.6% 4.0% (35.6%)
Total Financial Debt ((1)) decreased from Ps. 729,629 million in June 2022 to
Ps. 702,114 million in June 2023, and Net Debt decreased from Ps 644,322
million to Ps. 619,744 million.
Debt coverage ratio ((1)) as of June 30, 2023 was 2.3x in the case of Net Debt
and of 2.6x in terms of Total Financial Debt.
((1)) Debt Coverage Ratio is defined as Total Financial Debt divided by Last
Twelve Months EBITDA. Total Financial debt is defined as financial loans and
debt for acquisitions, including accrued interest.
STOCK AND MARKET INFORMATION
Cablevisión Holding trades its stock on the Buenos Aires Stock Exchange
(BCBA) and on the London Stock Exchange (LSE), in the form of shares and
GDS's, respectively. In addition, the company has a Level 1 listing and its
ADRs are traded in the OTC Market.
August 10, 2023
CVH (BCBA) Price per Share (ARS) 1,750.00
Total Shares 180,642,580
Shares per GDS 1
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)
cordially invites you to participate in its Webcast Presentation
to discuss the First Half and Second Quarter 2023 Results
Date: Monday, August 14, 2023
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=TmbWiyBA
The webcast presentation will also be available at:
https://www.cablevisionholding.com/Investors
ABOUT THE COMPANY
CVH was founded as corporate spin-off from Grupo Clarín S.A. and it is the
first Argentine holding company that engages in the development of
infrastructure and the provision of convergent telecommunications services,
focusing on Argentina and the region. CVH's subsidiaries specialize in the
provision of cable TV, broadband and mobile communications services; and their
brands are well known in the telecommunications and content distribution
industries.
Investor Relations Contacts:
In Buenos
Aires:
In New York:
Cablevisión Holding
S.A.
Fig Corporate Communications
Samantha Olivieri, Head of Investor
Relations
Camilla Ferreira and Marcella Ewerton Dragone
Email: ir@cvh.com.ar (mailto:ir@cvh.com.ar)
Email: fig@fig.ooo
Tel: (+54 11) 4309 -
3417
Tel: +1 917 691-4047
www.cvh.com.ar (http://www.cvh.com.ar)
Disclaimer
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of CVH. You can identify forward-looking statements by terms such
as "expect", "believe", "anticipate", "estimate", "intend", "will", "could",
"may" or "might" the negative of such terms or other similar expressions.
These statements are only predictions and actual events or results may differ
materially. CVH does not intend to or undertake any obligation to update these
statements to reflect events and circumstances occurring after the date hereof
or to reflect the occurrence of unanticipated events. Many factors could cause
the actual results to differ materially from those contained in CVH's
projections or forward-looking statements, including, among others, general
economic conditions, CVH's competitive environment, risks associated with
operating in Argentina a, rapid technological and market change, and other
factors specifically related to CVH and its operations.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022, AND FOR THE
THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2023 AND 2022
(in millions of Argentine pesos)
June 30, 2023 June 30, April 1, 2023 April 1, 2022
through June 30, 2023
through June 30, 2022
2022
Sales Revenues 517,253 570,376 251,349 273,565
Employee benefit expenses and severance payments (124,395) (130,523) (60,381) (69,270)
Interconnection and Transmission Costs (15,185) (17,501) (7,253) (8,429)
Fees for Services, Maintenance, Materials, and Supplies (64,659) (66,591) (33,325) (34,713)
Taxes and Fees with the Regulatory Authority (39,934) (43,914) (19,453) (21,217)
Commissions and Advertising (31,500) (31,830) (16,006) (15,582)
Cost of Equipment and Handsets (28,061) (26,853) (15,723) (11,652)
Programming and Content Costs (29,349) (36,043) (14,104) (17,085)
Bad Debt Expenses (12,895) (13,914) (4,850) (5,825)
Other Operating Income and Expense (24,987) (29,377) (14,255) (18,652)
Operating Income before Depreciation and Amortization 146,288 173,830 65,999 71,140
Depreciation, amortization, and impairment PP&E, Intangible Assets and (169,565) (192,673) (85,232) (92,960)
Rights of Use.
Operating (Loss) Income (23,277) (18,843) (19,233) (21,820)
Equity in Earnings from Subsidiaries and Joint Ventures (811) 310 (1,337) 7
Financial Expenses on Debts 4,393 53,871 (6,643) 17,196
Other Financial Results, net 22,610 28,871 9,818 8,844
Income (Loss) before Income Tax Expense 2,915 64,209 (17,395) 4,227
Income Tax 37,589 3,399 23,018 3,331
Net Income (Loss) for the Period 40,504 67,608 5,623 7,558
-
Other Comprehensive Income - to be subsequently reclassified to profit or loss -
Currency Translation Adjustments (no effect on Income Tax) (1,322) (6,016) (370) (1,729)
Effect of NDF classified as hedges 522 213 775 19
Tax Effect of NDF classified as hedges (184) (63) (278) -
Other Comprehensive Income, net of Taxes (984) (5,866) 127 (1,710)
-
Total Comprehensive Income (Loss) for the Period 39,520 61,742 5,750 5,848
Net Income (Loss) attributable to:
Shareholders of the Controlling Company 15,079 25,219 2,026 1,975
Non-Controlling Interests 25,425 42,389 3,597 5,583
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company 14,718 23,410 2,040 1,430
Non-Controlling Interests 24,802 38,332 3,710 4,418
Basic and Diluted Earnings per Share attributable to the Shareholders of the 83.47 139.60 11.22 10.93
Controlling Company (in Argentine Pesos)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022
(in millions of Argentine pesos)
ASSETS June 30, 2023 December 31, 2022
CURRENT ASSETS
Cash and Cash Equivalents 63,150 62,956
Investments 19,220 12,617
Trade Receivables 56,847 56,680
Other Receivables 35,450 29,676
Inventories 10,371 9,716
Assets Available for Sale 1,430 1,437
Total Current Assets 186,468 173,082
NON-CURRENT ASSETS
Trade Receivables 174 178
Other Receivables 3,330 3,794
Deferred Income Tax Assets 4,429 3,948
Investments 11,849 9,710
Goodwill 745,678 745,506
Property, Plant and Equipment ("PP&E") 1,118,275 1,193,702
Intangible Assets 365,608 382,627
Right-of-Use Assets 99,385 94,827
Total Non-Current Assets 2,348,728 2,434,292
Total Assets 2,535,196 2,607,374
LIABILITIES
CURRENT LIABILITIES
Accounts Payable 135,303 134,566
Financial Debt 233,950 202,457
Salaries and Social Security Payables 38,861 56,771
Income Tax Liabilities 292 473
Other Taxes Payable 16,990 14,966
Lease Liabilities 14,247 13,866
Other Liabilities 8,160 7,474
Provisions 3,573 3,968
Total Current Liabilities 451,376 434,541
NON-CURRENT LIABILITIES
Accounts Payable 276 481
Financial Debt 468,164 504,523
Salaries and Social Security Payables 3,080 4,139
Deferred Income Tax Liabilities 348,730 386,065
Other Taxes Payable 27 66
Lease Liabilities 27,055 29,676
Other Liabilities 4,111 3,933
Provisions 17,008 17,561
Total Non-Current Liabilities 868,451 946,444
Total Liabilities 1,319,827 1,380,985
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company 466,736 471,769
Attributable to Non-Controlling Interests 748,633 754,620
TOTAL EQUITY 1,215,369 1,226,389
TOTAL LIABILITIES AND EQUITY 2,535,196 2,607,374
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022
(in millions of Argentine pesos)
Equity attributable to Shareholders of the Controlling Company Equity Attributable to Non-Controlling Interests
Other Items
Shareholders' Contribution Other Items Retained Earnings Shareholders' Contribution Retained Earnings
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves(1) Retained Earnings
Balances as of January 01, 2022 181 38.159 90.158 128.498 (18.721) 478.202 7.668 495.257 (440.366) 650.538 907.321 1.557.859
Set-up of Reserves - - - - - - - 10.854 (10.854) - - -
Dividends of Non-Controlling InterestS - - - - - - - - - - (43.461) (43.461)
Net Income (Loss) for the Period - - - - - - - - 25.219 25.219 42.389 67.608
Other Comprehensive Income - - - - (1.809) - - - - (1.809) (4.057) (5.866)
Balances as of June 30, 2022 181 38.159 90.158 128.498 (20.530) 478.202 7.668 506.111 (426.001) 673.948 902.192 1.576.140
Balances as of January 01, 2023 181 38.159 90.158 128.498 (21.511) 478.064 7.668 482.010 (602.960) 471.769 754.620 1.226.389
Set-up of Reserves - - - - - - - (123.308) 123.308 - - -
Dividend Distribution - - - - - - - (19.751) - (19.751) - (19.751)
Dividends of Non-Controlling InterestS - - - - - - - - - - (30.789) (30.789)
Net Income (Loss) for the Period - - - - - - - - 15.079 15.079 25.425 40.504
Other Comprehensive Income (361) (361) (623) (984)
Balances as of June 30, 2023 181 38.159 90.158 128.498 (21.872) 478.064 7.668 338.951 (464.573) 466.736 748.633 1.215.369
( )
(1 Voluntary Reserve for Illiquid Results.)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
OR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022
(in millions of Argentine pesos)
June 30, 2023 June 30, 2022
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net (Loss) / Income 40,504 67,608
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating
Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other 10,891 20,355
Contingencies
Depreciation of PP&E 133,745 150,497
Amortization of Intangible Assets 20,949 21,390
Amortization of Rights of Use 16,155 15,332
Equity in Earnings from Associates and Joint Ventures 811 (310)
Net Book Value of Fixed Assets and Consumption of Materials 135 6,485
Financial Results and Other (36,661) (84,508)
Income Tax Expense (37,589) (3,399)
Income Tax Paid (900) (10,768)
Net (Increase) Decrease in Assets (61,388) (42,506)
Net Decrease in Liabilities 47,051 22,811
Net Cash Flows provided by Operating Activities 133,703 162,987
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions (51,718) (90,910)
Intangible Assets Acquisition (2,421) (3,156)
Acquisition of Equity Interests (1,092) (612)
Collection of Dividends 359 373
Income from Sale of PP&E and Intangible Assets 64 539
Investments not considered as cash and cash equivalents (63,767) (64,017)
Net Cash Flows used in Investing Activities (118,575) (157,783)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt 77,056 54,063
Payment of Financial Debt (37,491) (26,348)
Payment of Interest and Related Expenses (42,543) (34,131)
Payment of Lease Liabilities (10,008) (5,665)
Payment of Cash Dividends to Non-Controlling Interests - ( 959)
Net Cash Flows provided by Financing Activities (12,986) (13,040)
NET DECREASE IN CASH FLOWS 2,142 (7,836)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: 62,956 61,341
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION (1,948) (4,564)
ON CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 63,150 48,941
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